American companies are racing to negotiate price cuts from Chinese suppliers, shift production and increase prices for US consumers as executives grapple with President Donald Trump’s additional 20 per cent tariffs on Chinese goods and prepare themselves for more.
Trump campaigned on a promise of 60 per cent duties on Chinese goods, and the White House may impose additional levies on imports from China on April 2, when it unveils “reciprocal tariffs” on countries around the world.
It is unclear how high tariffs could go, but US and Chinese companies are looking for workarounds and rethinking their supply chains to lessen reliance on China.
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